Economy
Buhari admits MDAs are refusing to fully give account of revenue generated
Nigeria President Muhammadu Buhari has said that some government revenue generating agencies are diverting or refusing to fully account for revenue generated by them. Speaking at the swearing in ceremony of the Chairman and Members of the Independent Corrupt Practices Commission Board at the State House, Abuja, the president noted that despite his administration anti-corruption drive, some agencies of government were of the habit of diverting or refusing to fully account for revenue generated. According to him, rather than obey constitutional provisions and extant rules and regulations, such agencies continue as if nothing has changed. The president, therefore, called for ICPC’s support both for enforcement of anti-corruption laws and submission of policy measures and directives to prevent revenue leakage and diversion. “We are determined to ensure that every agency of government account for public revenue generated or expended. Some of the revenue generating agencies are Nigerian National Petroleum Corporation, Federal Inland Revenue Services, Central Bank of Nigeria (CBN), Nigeria Customs Service. Nigeria Ports Authority, Nigeria Maritime Administration and Safety Agency, and the Nigeria Communication Commission.
The President said “I am looking forward to ICPC’s support both for enforcement of anti-corruption laws and submission of policy measures and directives to prevent revenue leakage and diversion. In this regard, I urge you to collaborate with other government agencies such as the Office of the Auditor-General of the Federation towards mitigating wrong-doing in public expenditure,’’ he added. President Buhari said he looked forward to receiving anti-corruption recommendations linked to e-Government standards and principles, saying “as the old saying goes – “Prevention is better than cure”. He also challenged the commission to come up with strong preventive policy measures and strategies for government’s endorsement “to take us to the NEXT LEVEL in the fight against corruption’’.
The president said that the ICPC laws had empowered the commission to make proposals to assist government in the fight against corruption. President Buhari, who lauded the commission’s initiative on Corruption Risk Assessment training for anti-corruption agencies in Africa, expressed the hope that ICPC would distinguish itself as a leading institution in Africa in building capacity to conduct and implement corruption risk assessments. “But charity must begin at home. Therefore, your skills and expertise must be demonstrated in identifying Ministries, Departments and Agencies (MDAs) highly prone to corruption and what must be done to bring about better governance,’’ he said. He expressed delight over the setting up Anti-Corruption Transparency Unit (ACTU) in Ministries, Departments and Agencies and called on the ICPC to make effective use of the ACTU. “I encourage you to make effective use of our ACTU in MDAs by receiving reports directly from such Units and taking enforcement measures to assist government realise its objectives of a cleaner public service. This is an important step towards corruption prevention and ensuring full compliance with government’s anti-corruption measures and our laws,’’ he said. The president, who maintained that his resolve to fight corruption remains unshaken, assured the commission of full support in the fight against corruption across the country.
He said “the fight against corruption is very crucial in our national development. This is why I have often said – if we do not kill corruption, corruption will kill Nigeria. We are all witnesses to the damage that unbridled corruption has inflicted on our development aspirations. Apart from deliberate and wanton looting of our national wealth and common patrimony, corruption has eroded our values and ethical foundation as a nation. Corruption has negatively affected our political, economic and social life. Those opposed to our fight against corruption berate us for our focus, determination and single mindedness. They pretend that they do not know what corruption is. But Nigerians know what corruption is. Ordinary people know what corruption is and they support our effort and determination to fight it.’’
The president also used the opportunity to outline various forms of corrupt practices in the country. According to him, the abuse of public office for private gain represents corruption in its worst form. “The circumvention of public policies and processes for competitive advantage and profit is another form of corruption. The abuse of public office for personal benefit even if no bribery occurs is also corruption. The diversion of State revenue or miss-application of budgeted funds falls into the same category,’’ he further explained. He, therefore, expressed delight that the ICPC law was robust enough to assist government to sanitise the public sector of corruption in service delivery, public procurement, diversion of public revenue and deliberate misuse of public funds. In his remarks, the Chairman of the ICPC, Prof. Bolaji Owasanoye, thanked the president for giving them the opportunity to serve the nation, and pledged not to disappoint him or the country. He said “We are lucky to be given this assignment under your leadership. Your unquestionable, unequivocal and unshakable resolve to deal with corruption is very well known. Therefore, the political will required to fight corruption is available.’’ Members of the ICPC board, who were sworn-in included Dr Grace Chinda, Okolo Titus, Obiora Igwedebia and Mrs Olubukola Balogun. Others were Justice Adamu Bello, Hannatu Muhammed, Abdullahi Saidu and Yahaya Dauda.
The Arab Africa Trade Bridges (AATB) Program and the Federal Republic of Nigeria formalized a partnership with the signing of the AATB Membership Agreement, officially welcoming Nigeria as the Program’s newest member country. The signing ceremony took place in Abuja on the sidelines of the 5th AATB Board of Governors Meeting, hosted by the Federal Government of Nigeria.
The Membership Agreement was signed by Eng. Adeeb Y. Al Aama, the CEO of the International Islamic Trade Finance Corporation (ITFC) and AATB Program Secretary General, and H.E. Mr. Wale Edun, Minister of Finance and Coordinating Minister of the Economy, Federal Republic of Nigeria. The Agreement will provide a strategic and operational framework to support Nigeria’s efforts in trade competitiveness, promote export diversification, strengthen priority value chains, and advance capacity-building efforts in line with national development priorities. Areas of collaboration will include trade promotion, agribusiness modernization, SME development, businessmen missions, trade facilitation, logistics efficiency, and digital trade readiness.
The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, called for deeper trade collaboration between African and Arab nations, stressing the importance of value-added Agribusiness and industrial partnerships for regional growth. Speaking in Abuja at the Agribusiness Matchmaking Forum ahead of the AATB Board of Governors Meeting, the Minister said the shifting global economy makes it essential for African and Arab nations to rely more on regional cooperation, investment and shared markets.
He highlighted projections showing Arab-Africa trade could grow by more than US$37 billion in the next three years and urged partners to prioritize value addition rather than raw commodity exports. He noted that Nigeria’s growing industrial base and upcoming National Single Window reforms will support efficiency, investment and private-sector expansion.
“This is a moment to turn opportunity into action”, he said. “By working together, we can build stronger value chains, create jobs and support prosperity across our regions”, Edun emphasized. “As African and Arab nations embark on this journey of deeper trade collaboration, the potential for growth and development is vast. With a shared vision and commitment to value-added partnerships, we can unlock new opportunities, drive economic growth, and create a brighter future for our people.”
Speaking during the event, Eng. Adeeb Y. Al Aama, Chief Executive Officer of ITFC and Secretary General of the AATB Program, stated: “We are pleased to welcome Nigeria to be part of the AATB Program. Nigeria stands as one of Africa’s most dynamic and resilient economies in Africa, with a rapidly expanding private sector and strong potential across agribusiness, energy, manufacturing, and digital industries. Through this Membership Agreement, we look forward to collaborating closely with Nigerian institutions to strengthen value chains, expand regional market access, enhance trade finance and investment opportunities, and support the country’s development priorities.”
The signing of this Agreement underscores AATB’s continued engagement with African countries and its evolving portfolio of programs supporting trade and investment. In recent years, AATB has worked on initiatives across agribusiness, textiles, logistics, digital trade, export readiness under the AfCFTA framework, and other regional initiatives such as the Common African Agro-Parks (CAAPs) Programme.
With Nigeria’s accession, the AATB Program extends it’s presence in the region and adds a key partner working toward advancing trade-led development and fostering inclusive economic growth.
Federal Executive Council (FEC) has approved the 2026–2028 Medium-Term Expenditure Framework (MTEF), a key fiscal document that outlines Nigeria’s revenue expectations, macroeconomic assumptions, and spending priorities for the next three years. The approval followed Wednesday’s FEC meeting presided over by President Bola Tinubu at the State House, Abuja. The Minister of Budget and Economic Planning, Senator Atiku Bagudu made this known after the meeting.
The Minister said the Federal Government is projecting a total revenue inflow of N34.33 trillion in 2026, including N4.98 trillion expected from government-owned enterprises. Bagudu said that the projected revenue is N6.55 trillion lower than earlier estimates, adding that federal allocations are expected to drop by about N9.4 trillion, representing a 16% decline compared to the 2025 budget.
He said that statutory transfers are expected to amount to about N3 trillion within the same fiscal year. On macroeconomic assumptions, FEC adopted an oil production benchmark of 2.6 million barrels per day (mbpd) for 2026, although a more conservative 1.8 mbpd will be used for budgeting purposes. An oil price benchmark of $64 per barrel and an exchange rate of N1,512 per dollar were also approved.
Bagudu said the exchange rate assumption reflects projections tied to economic and political developments ahead of the 2027 general elections. He said the exchange rate assumption took into account the fiscal outlook ahead of the 2027 general elections.
The minister said that all the parameters were based on macroeconomic analysis by the Budget Office and other relevant agencies. Bagudu said FEC also reviewed comments from cabinet members before approving the Medium-Term Fiscal Expenditure Ceiling (MFTEC), which sets expenditure limits. Earlier, the Senate approved the external borrowing plan of $21.5 billion presented by President Tinubu for consideration The loans, according to the Senate, were part of the MTEF and Fiscal Strategy Paper (FSP) for the 2025 budget.
The spot rate on Nigerian Treasury bills has been increased by 146 basis points by the Central Bank of Nigeria (CBN) following tight subscription levels at the main auction on Wednesday. The spot rate on Treasury bills with one-year maturity has now surpassed Nigeria’s 16.05% inflation by 145 basis points following a recent decision to keep the policy rate at 27%.
The Apex Bank came to the primary market with N700 billion Treasury bills offer size across standard tenors, including 91-day, 182-day and 364 day maturities. Details from the auction results showed that demand settled slightly above the total offers as investors began to seek higher returns on naira assets despite disinflation.
Total subscription came in at about N775 billion versus N700 billion offers floated at the main auction. The results showed rising appetite for duration as investors parked about 90% of their bids on Nigerian Treasury bills with 364 days maturity. The CBN opened N100 billion worth of 91 days bills for subscription, but the offer received underwhelming bids totalling N44.17 billion.
The CBN allotted N42.80 billion for the short-term instrument at the spot rate of 15.30%, the same as the previous auction. Total demand for 182 days Nigerian Treasury bills settled at N33.38 billion as against N150 billion that the authority pushed out for subscription. The CBN raised N30.36 billion from 182 days bills allotted to investors at the spot rate of 15.50%, the same as the previous auction.
Investors staked N697.29 billion on N450 billion in 364-day Treasury bills that was offered for subscription. The CBN raised N636.46 billion from the longest tenor at the spot rate of 17.50%, up from 16.04% at the previous auction.
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